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Paints and Coatings Market Global Analysis & 2028 Forecast Report

(, August 27, 2021 ) Market Overview

The paints & coatings are the liquid materials that are sprayed or applied to a substrate in the form of a thin layer. These materials are obtained from the synthetic or natural source that provides the color or protection to the surface applied. The paints & coatings are used to decorate the surface by creating a solid film over the surface.

Market Dynamics:

The market is driven by the rising demand for the paints & coatings in the decorative, marine, automotive, construction, and industrial applications to provide better visual appeal, texture, to increases shelf-life, and protect the product from external damage.

The market is dominated by the availability of innovative formulation technologies including anticorrosive protection, low-VOC content coats, and nano-coatings. Several companies are developing nano paints and coatings. The introduction of the nanotechnology has led to the development of the products that can conduct electricity, or exhibit UV protective or self-healing properties.

There is an increase in the launch of the novel paints & coating products. For instance, in October 2019, AkzoNobel had launched a recycled paint i.e. Evolve, a trade-grade emulsion derived from paint that would have otherwise been discarded. It is developed by the brand Dulux Trade (a subsidiary of AkzoNobel). Evolve is made from 35% recycled paint, gained from households across the United Kingdom.

In December 2019, Sirca Paints India had launched the super chrome finish coating in the Indian market. Super Chrome finish is one of the super high-quality products that can be applied to leather, metal, plastic, glass & wood. It is the industry's brightest & most reflective chrome coating with unparalleled chrome appearance & unmatched reflective properties that replicates real chrome better than any other available coating in the market. It produces a chrome-like finish with a 90% reflection. It gives special colors on chrome such as rose gold, gold bronze, nickel, grey, copper brown, etc.

The market is witnessing the launch of the manufacturing facility for the production of the paints & coatings. For instance, in February 2018, AkzoNobel had opened the new €9 million facilities for the production of powder coatings. This new facility would complement AkzoNobel’s existing plant in Bangalore, adding new product lines in bonded metallic and functional powder coatings.

Several environmental challenges especially the state and local regulations for wastewater discharge are hindering the market growth. The powder coating operations comprised of the amount of metals, oil & grease, and suspended solids in the wastewater streams generated during cleaning and pretreatment phases.

Segment Analysis

By Resin Type

• Acrylic

• Alkyd

• Polyester

• Epoxy

• Polyurethane

• Fluoropolymer

• Polyether ether ketone (PEEK)

• Polyaryletherketone (PAEK)

• Polyetherketone (PEK)

• Others

By Technology


• Solvent-based

• Powder

• UV Csured Coating

• Electron Beam (EB) Coating

• Others

By Resin Characteristics

• Commodity Coating

• Engineering Coating

• High-performance Coating

By End-Users

• Architectural

• Industrial

Geographical Presentation

By region, the paints & coatings market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Among all of the regions, Asia-Pacific dominated the paints & coatings market share of XX%. The Asia-Pacific region is expected to be the fastest-growing region owing to the drastic growth in the automobile and construction industry. According to the India Brand Equity Foundation (IBEF), India is the fourth-largest auto market in 2018 with sales increasing 8.3 percent year-on-year to 3.99 million units. The domestic automobile sales were 26.27 million vehicles in 2019. The domestic automobile production was 0.92 million vehicles in 2019. The automobile exports grew 14.50% year-on-year in 2019. It is further expected that India would be the third-largest construction market in the world by 2025 as 11.5 million homes a year are expected to be added by 2025. There is a rising demand for coats and varnishes. Australia, Japan, Korea, and China are the leading countries driving the demand for coats and varnishes. India, Vietnam, and Taiwan are expected to witness the entry of new entrants in the upcoming years. Increasing the domestic income and purchasing power shall boost the demand for paints & coatings. It is further expected that the Asia-Pacific would maintain its dominant market position over the forecasted period.

North America is expected to have positive market growth owing to the rising investment in the construction of new residential and commercial industries and the automobile industry. The United States accounts for the highest market share of XX% as the United States is one of the largest construction industries worldwide. According to the Select USA, the United States is the world’s second-largest market for vehicle sales and production. The sales of light vehicle sales were 17.2 million units in the United States in 2018. There is increasing research and development activities are transforming the automobile industry. Approximately, USD 18 billion is spent on research and development activities for the automobile industry. The market is hindered by stringent regulations including the concerns regarding the release of volatile organic materials and the presence of perilous chemicals among the consumers.

Competitive Analysis

The paints & coatings market is highly competitive with the presence of several international and local market players. The product diversification, technological advancement, revenue generation, and opportunities intensify the market competition.

AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems LLC, Nippon Paint Holdings Co., Ltd, Asian Paints Limited, and RPM International Inc. are the leading market players with significant market share.

Companies are using the novel product launches, technological advancement, new product development, capacity utilization, new manufacturing facility, and market expansion strategies for holding their position in the market. For instance, in May 2019, Hempel had launched the new coating solution i.e. Hempaprime Shield 700 HS, a new epoxy primer for heavy-duty equipment and truck OEMs. This new coating would help in improving the productivity and quality of original equipment manufacturers (OEMs) by reducing production times and maximizing service life.

In June 2019, AkzoNobel had added the three new production lines at its Changzhou powder coatings plant in China. It is the company’s largest facility of its kind in the world. The Euros 3 million investment would help the company to support additional supplies of acrylic powder coatings, metallic powder coatings and powder primers for the automotive sector.

The companies are entering into the collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for paints & coatings Market and their expansion across the globe. For instance, in April 2020, AkzoNobel had acquired 100% of the shares of Mauvilac Industries Limited, a leading paints and coatings company in Mauritius. The transaction includes a local production facility, four concept stores, and access to a strong distribution network. This acquisition would help in strengthening the AkzoNobel’s footprint in Sub-Saharan Africa and supports its leading position in the African decorative paints market.

In May 2019, JSW Group had entered the paints business in India with JSW Paints. This is part of the Group’s diversification into consumer-facing businesses and a historic first-time entry of an Indian conglomerate into the organized paints sector. JSW Group would provide a comprehensive offering for consumer homes through steel, cement, furniture, and now paints.

In 2016, BASF had acquired Chemetall, a global leader in surface treatment that develops and manufactures customized technology and system solutions. This acquisition would help the company to become a complete solution provider for coatings. In October 2019, Dulux Trade (a subsidiary of AkzoNobel) had entered into the partnership with the Veolia UK to offer a new matt emulsion made from 35% recycled paint, which also produces 10% lower carbon emissions per litre.

The companies are raising investment for the development of the manufacturing facilities for the paints & coatings. For instance, In September 2019, Nippon Paint had invested USD 60 million to construct a new, 270,000-sq-ft manufacturing plant in Chattanooga. The facility would focus on the production of automotive electrocoat (E-Coat) and topcoat.

Related Topic's

3D Printing Metal Market, Plastic Coatings Market, Epoxy Coating Market, PTFE Coatings Market, Pacific Road Marking Paint Market

DataM Intelligence

Sai Kiran

+1 877 441 4866

Source: EmailWire.Com

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